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How much money should be invested in an account that earns 9% interest, compounded monthly, in order to have $13,000 in 4 years?
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4 votes
How much money should be invested in an account that earns 9% interest, compounded monthly, in order to have $13,000 in 4 years?

User Ben Regenspan
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1 Answer

2 votes

Answer:

Computation of the money that has to be invested:

Hence, the money that has to be invested is $8,303.10...

How much money should be invested in an account that earns 9% interest, compounded-example-1
User Yan QiDong
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